Until a few years ago, there was not much difference between Myanmar and North Korea. The defining features of both were crippling poverty and backwardness, massive debt, isolation from the world by international embargo, harsh dictatorships with a history of murderous oppression, and little hope for a better future.

After decades of struggle, The Republic of the Union of Myanmar, also known as Burma, is going through an economic, social and political revival. Following political reforms and advances in human rights, business and technology, western nations have gradually lifted the crippling economic and diplomatic sanctions levied on the Yangon’s military junta years ago. The result for the populous resource-rich country has been an impressive economic revival and the highest growth rate in Asia.

Indeed Myanmar’s wealth of natural resources, its youthful, inexpensive workforce and its strategic location between Asia’s two rising powers, India and China, have captivated foreign investors. Within a year of the start of reforms, foreign investment in the country’s energy, transportation, tourism, retail, and telecommunications industries has surged by over 40%. Last year saw a 150% leap, reaching a peak of some $3.5 billion.

The lifting of sanctions in 2013 flooded the country with investment and revived markets. Imports have jumped 26% and exports, mostly to neighboring countries, have risen 15%. The flood of foreign investment, consumption and exports has produced record growth: an average of 8% over the past two years. In light of the dramatic changes that have taken place in the country, the has projected a 8.5% growth for 2014-2015. Myanmar’s economy is one of the fastest growing economies in the world and one of the future powerful emerging economies in Southeast Asia.

The breakneck pace of development in the last few years and the opening of Myanmar’s economy to the world after years of total isolation has also spurred domestic demand. The country’s markets are hungry for goods and services and that trend is expected to keep growing in the coming years, making Myanmar a rich and varied venue for potential investors, especially in telecom, IT, agribusiness, green technology, alternative energy and advanced medical technology.

The telecom and IT sector represents an untapped market of some 40 million potential consumers. According to the World Bank, just 1% of the population has internet access and 13% are cellular subscribers (compared to 96% in the US). The growth of Myanmar’s telecom market has been staggering, given that only three years ago the rate of mobile users was 1%. Since 2011 the government has been making efforts to reform the formerly tightly regulated telecom industry and encourage the use of cellular and other advanced technologies. Internet censorship has been lifted and the price of SIM cards has plummeted from some $2000 to about $2 each. The deregulation and opening of Myanmar’s telecom market to foreign investment is sure to be a key factor in the development of infrastructure and strategic projects.